Mumbai: With an aim to increase its share in the domestic mobile handset market, home-grown Maxx Mobile plans to launch up to 40 more models this fiscal, a top company official said.

"We plan to launch around 40 models by March, 2012. We will be launching four models in the next quarter in the smartphone series. The configuration and specification of the product (smartphone) is under planning right now. The price of the smartphones would be in the range of Rs 5,000-8,000," Maxx Group Chairman and Managing Director Ajjay Agarwal told.

The company has launched 15 models so far, with the latest being the 'khamoshhh', 'jazz' and 'tiny' series, he said.

Maxx currently enjoys a 3 per cent share of the mobile handset market, which is estimated to be worth Rs 33,171 crore. Agarwal expects the share to increase to 5 per cent by the fiscal-end.

The Mumbai-based firm is targeting higher revenues by selling 6 million handset units this fiscal, compared to 3.6 million units last fiscal.

"Last year, we (Maxx group) had achieved a revenue of Rs 1,450 crore. This year we are expecting about Rs 1,800 crore of revenues," he said.

The company normally invests 0.5 per cent of its revenues on research and development of the mobile phones. It also plans to make a foray into the mobile payment facility space and is currently working on developing a platform to facilitate the same, he said.

"Mobile payment is the future. Right now, it is new for us, but after one year, it will be a basic requirement for us. We are investing in it. Our team is working on it. Till we have something substantial, we cannot share the details," Agarwal said.

Asked when the product would be available in the market, he said, "We cannot decide the timeframe, because the type of components and other technology should be available in themarket so that the product can be launched."

At present, Finland-based Nokia is the only handset-maker that provides a mobile payment facility.

According to a report from Gartner, the global number of mobile payment users is likely to touch 141 million in 2011.

The Boston Consulting Group estimates that by 2015, USD 350 billion worth of payments and banking transactions could flow through mobile phones in India.(Agencies)